Low-income housing credit; satisfactory bond; “bond factor” amounts for the period January through September 2008. This ruling provides the monthly bond factor amounts to be used by taxpayers who dispose of qualified low-income buildings or interests therein during the period January through September 2008.

Charitable remainder trust (CRT). This ruling provides taxpayers with guidelines on dividing a charitable remainder trust into two or more separate and equal CRTs without violating the provisions of section 664 of the Code. It also provides that, if the division of the CRT is made in accordance with the situations described in the ruling, (i) the division is not a sale, exchange, or other disposition producing gain or loss, the basis under section 1015 of each separate trust’s share of each asset is the same share of the basis of that asset in the hands of the trust immediately before the division of the trust, and, under section 1223, each separate trust’s holding period for an asset transferred to it by the original trust includes the holding period of the asset as held by the original trust immediately before the division, (ii) the division of the CRT does not terminate under section 507(a)(1) the CRT’s status as a trust described in, and subject to, the private foundation provisions of section 4947(a)(2), or result in the imposition of an excise tax under section 507(c), (iii) the division of the CRT does not constitute an act of self-dealing under section 4941, and (iv) the division of the CRT does not constitute a taxable expenditure under section 4945.

S corporation; life insurance contract; accumulated adjustments account (AAA). This ruling, under section 1368 of the Code, outlines the effects of premiums paid by an S corporation on an employer-owned life insurance contract and the benefits received by reason of death of the insured on its AAA.

This notice provides guidance under section 45 of the Code for the credit for electricity produced from certain renewable resources. Notice 2006-88 modified and superseded.

This notice provides for the suspension of certain requirements under section 42 of the Code for low-income housing credit projects in the United States in order to provide emergency housing relief needed as a result of the devastation caused by severe storms, tornadoes, and flooding in Wisconsin beginning on June 5, 2008.

This procedure announces that the Service generally will view a rolling average method that is used to value inventories for financial accounting purposes as clearly reflecting income for federal income tax purposes. The procedure provides two safe harbors under which a taxpayer’s rolling average method will be deemed to clearly reflect income. Rev. Ruls. 71-234 and 77-480 modified. Rev. Proc. 2002-9 modified and amplified.

Sample inter vivos nongrantor and grantor charitable lead unitrusts (CLUTs) forms. This procedure contains sample forms for inter vivos nongrantor and grantor charitable lead unitrusts. The procedure also contains annotations to the sample trusts and alternate provisions that may be integrated into the sample trusts.

Sample testamentary charitable lead unitrust (CLUT) form. This procedure contains a sample form, annotations, and alternate provisions for a testamentary charitable lead unitrust.

Transfer of amounts; nonqualified foreign trust; transition relief. This ruling provides that the transfer of amounts from a trust under a plan qualified under section 401(a) of the Code to a nonqualified foreign trust is treated as a distribution from the transferor plan. The ruling also holds that a transfer of assets and liabilities from a plan qualified under section 401(a) of the Code to a plan that satisfies section 1165 of the Puerto Rico Code is also treated as a distribution from the transferor plan. Rev. Rul. 67-213 amplified.

Weighted average interest rate update; corporate bond indices; 30-year Treasury securities; segment rates. This notice contains updates for the corporate bond weighted average interest rate for plan years beginning in July 2008; the 24-month average segment rates; the funding transitional segment rates applicable for July 2008; and the minimum present value transitional rates for June 2008.

Charitable remainder trust (CRT). This ruling provides taxpayers with guidelines on dividing a charitable remainder trust into two or more separate and equal CRTs without violating the provisions of section 664 of the Code. It also provides that, if the division of the CRT is made in accordance with the situations described in the ruling, (i) the division is not a sale, exchange, or other disposition producing gain or loss, the basis under section 1015 of each separate trust’s share of each asset is the same share of the basis of that asset in the hands of the trust immediately before the division of the trust, and, under section 1223, each separate trust’s holding period for an asset transferred to it by the original trust includes the holding period of the asset as held by the original trust immediately before the division, (ii) the division of the CRT does not terminate under section 507(a)(1) the CRT’s status as a trust described in, and subject to, the private foundation provisions of section 4947(a)(2), or result in the imposition of an excise tax under section 507(c), (iii) the division of the CRT does not constitute an act of self-dealing under section 4941, and (iv) the division of the CRT does not constitute a taxable expenditure under section 4945.

Sample inter vivos nongrantor and grantor charitable lead unitrusts (CLUTs) forms. This procedure contains sample forms for inter vivos nongrantor and grantor charitable lead unitrusts. The procedure also contains annotations to the sample trusts and alternate provisions that may be integrated into the sample trusts.

Sample testamentary charitable lead unitrust (CLUT) form. This procedure contains a sample form, annotations, and alternate provisions for a testamentary charitable lead unitrust.

Sample inter vivos nongrantor and grantor charitable lead unitrusts (CLUTs) forms. This procedure contains sample forms for inter vivos nongrantor and grantor charitable lead unitrusts. The procedure also contains annotations to the sample trusts and alternate provisions that may be integrated into the sample trusts.

Charitable remainder trust (CRT). This ruling provides taxpayers with guidelines on dividing a charitable remainder trust into two or more separate and equal CRTs without violating the provisions of section 664 of the Code. It also provides that, if the division of the CRT is made in accordance with the situations described in the ruling, (i) the division is not a sale, exchange, or other disposition producing gain or loss, the basis under section 1015 of each separate trust’s share of each asset is the same share of the basis of that asset in the hands of the trust immediately before the division of the trust, and, under section 1223, each separate trust’s holding period for an asset transferred to it by the original trust includes the holding period of the asset as held by the original trust immediately before the division, (ii) the division of the CRT does not terminate under section 507(a)(1) the CRT’s status as a trust described in, and subject to, the private foundation provisions of section 4947(a)(2), or result in the imposition of an excise tax under section 507(c), (iii) the division of the CRT does not constitute an act of self-dealing under section 4941, and (iv) the division of the CRT does not constitute a taxable expenditure under section 4945.

This procedure provides specifications for filing Form 1042-S, Foreign Person’s U.S. Source Income Subject to Withholding, electronically. The procedure will be reproduced as the current revision of Publication 1187. Rev. Proc. 2006-34 superseded.